The recession in crude oil industry and gradually downtime in Chinese market seem to create more  panic among new entrepreneurs and financers.

The bullion market in America was affected during the financial recession.

Same way, many countries like Saudi Arab, Kuwait, Iran, Iraq, Yemen and Venezuela are suffering from cheap prices in crude oil. So the overall global economy will have caustic episode of downtime for long time. 

The US has already declared that $19 trillion deficit is a bane to Native Americans who were not prepared to face this cumbersome financial crunch. 

Conventional debt limit policy was changed or suspended to empower Obama to borrow more dollars to do the patchwork.  

In between, the drop in the prices of oil has forced many Gulf countries to stop producing crude oil at the upstream level. 

They also restrict the supply of crude oil to rich nations in Europe.  So 2016 is not the fruitful year to entrepreneurs to upgrade their financial condition.

Slight Economic Growth Expected in 2016

Right now, the economic growth in the world has been recorded 3.1 percent last year. 

Same way, the growth increased slightly by around 3.4 percent in this current year.

Experts expect the 3.6 economic growths in the global arena in the upcoming year.  However, this economic development  is not fast.  The growth in the global economy runs at a snail’s pace. 

If the recession is not controlled, many developed countries will have to suffer from the financial downtime.  

Meanwhile, Britain is serious   when it has declared its standpoint about the cancellation of its membership in EU. This country has opted for  Brexit because of facing rigidity and legal compulsions/intricacies to open new market in Europe.   At a press release, Cameronwas found very straightforward in accusingEU nationsofinability tohandleterrorismwith indifference towipe out laborimmigrationrelated issues.  Britain will withdraw support from EU to remodel its business economy   in imitation of Swiss economic infrastructure.  

Obviously, the UK will have to compete with American market to expand its business for earning international revenues. On the other hand, Beijing is now in a tumultuous financial condition due to poor result in global market. 

The economic rebalancing theory has been opted for by this new Chinese government to develop the economy uber.   However, South Sea tension is still  severe because of the unnecessary interference of China to handle Taiwan cruise members and fishermen. 

To add salt to insult, Hong Kong has criticized China for its power centralization to treat the Hong Kong market badly. They want more freedom and flexibility to transport goods to Chinese markets.   The power monopoly without decentralization has made the relationship with China caustic.  

Other Determinants to Influence Global Economy

The advanced countries in Europe will try to recover gradually but steadily.  There will be new plans and strategies to reset the European market to expect better returns.  If Britain goes for Brexit, there will be side effect to influence the global market. 

Britain will lose support to do free trading within Shenzhen area. UK’s financing sectors, and insurance will be affected. Britain will have to find more reliable investors who must be out of EU regions. 

Abrupt nosedive in the oil prices must put other countries under pressure. However, American shale oil output has been recovered from depression using innovative technology. 

OPEC led by Saudi Arab seems to have taken more advantage by lowering down the prices of crude oil. 

Iran has got permission to trade in the oil industry. So, this country will be another competitor to defy Gulf nations including OPEC.   However, experts dither whether the global economy will gain maximum speed to become more resilient after the recession. 

North Korea’s  nuclear test has frustrated America. Maybe, this will give a jolt to America to go for long term tête-â- tête in establishing   powerful business set-up with this Asian country.

Richmond business panel has done a comprehensive survey to record the feedbacks of experts to evaluate the development of the global economy. 

Only 3 percent members of Richmond panel are ambitious with expectation for significant increase in the economic improvement. However, over 50 percent experts of this Richmond panel confirm the slowdown in the economic growth in the upcoming years. 

In between, many wealthy investors and entrepreneurs like to relocate their business   in Canada after experiencing caustic downturn in America.  

 The overall result will not be eye catching if there is lack of understanding among rich countries to settle the complicated issues.   Oil prices need to be reset so that oil exporters will have good mileage to earn revenues.  

Labor immigration issue should be settled through negotiation.  In this connection, before leaving EU, Cameron should be pro-active to sit for meticulous table work and discussion with EU members to have the solution.   Finally, $19 trillion national debt of America must be managed to stabilize the national economy with the steady flow of foreign currencies.